Putin is Drowning in his own Sewage
For the Russian Kremlin to balance its annual budget this year, the price of crude oil must average $123 per barrel.
It’s an astounding fact. No other member of the G-8, and no member of BRIC, depends for budget solvency on the price of a commodity which is set abroad. Russia is, quite simply, not its own nation.
But there’s an even more horrifying reality for Vladimir Putin to face: So far this year, the price of crude oil has actually averaged $78 per barrel — and just $75 per barrel this month. That’s a whopping 40% less than the budget requires.
Vladimir Putin is drowning in the fetid sewage of his own economic mismanagement.